AMG’s Low-Cost Lithium Operations Drive AMG to Record-Setting Full
Year Earnings
Amsterdam, 22 February 2023
(Regulated Information) --- AMG Advanced
Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”)
reported fourth quarter 2022 revenue of $390 million, an 18%
increase versus the fourth quarter of 2021. Fourth quarter 2022
EBITDA of $104 million was more than double the fourth quarter of
2021, and drove AMG to a record-setting full year EBITDA of $343
million.
In 000’s US dollars |
FY ‘22 |
FY ‘21 |
Change |
Revenue |
$1,642,774 |
$1,204,666 |
36% |
EBITDA (1) |
342,550 |
136,676 |
151% |
Cash from
operating activities |
167,567 |
90,788 |
85% |
Net income
attributable to shareholders |
187,589 |
13,771 |
|
EPS - Fully
diluted |
5.73 |
0.44 |
|
Return on Capital
Employed |
30.8% |
11.9% |
|
Note:(1) EBITDA is defined as
EBIT adjusted for depreciation and amortization.
Dr. Heinz Schimmelbusch, Chairman of the
Management Board and CEO, said, “AMG's full year 2022 EBITDA,
revenue, gross profit, operating cash flows, return on capital
employed, and net income were the highest in the company's history
by significant margins. This result is due to the AMG Clean Energy
Materials segment, specifically AMG Lithium and its Brazil
operation with an EBITDA contribution of $215 million, or 63% of
the total EBITDA for the year. Moreover, AMG exceeded $100 million
of EBITDA for the second straight quarter. EBITDA for the fourth
quarter of 2022 was $104 million compared to $44 million in the
fourth quarter of 2021, an increase of $60 million, or 137%. Our
Enabling CO2 Reduction Portfolio (ECO2RP) in 2022 enabled 99.4
million tons of CO2 reduction, 26% more than the 79.0 million tons
of enabled CO2 reduction in 2021.”
Outlook
AMG reaffirms its guidance for the full year
2023 to exceed $400 million EBITDA.
AMG anticipates the Company will increase
overall staffing from about 3,400 at the end of 2022 by 5% due to
the hiring associated with the ramp-up of the vanadium expansion in
Ohio and the lithium expansion in Germany.
Capital expenditures for 2023 are expected to be
between $175 million and $200 million, mainly driven by the lithium
concentrate expansion in Brazil and expenditures related to the
construction of the lithium hydroxide plant in Germany.
With regard to financing in 2023, AMG refinanced
its $350 million term loan and $200 million revolver in November
2021, extending revolver and term loan maturities to 2026 and 2028,
respectively. AMG has no significant near-term debt maturities. And
although we look to consistently optimize our financial structure,
our current liquidity of $532 million can fully fund all of the
approved capital expansion projects and all other financial
obligations.
In addition, we reaffirm our two-pronged
commitment to reduce our CO2 emissions and increase our enabled CO2
savings through 2030.
Strategic Highlights
Lithium
- The spodumene production expansion
project in AMG Brazil is progressing. The project will solidify
AMG’s low-cost position. The objective is to be at full capacity in
the second half of 2023.
- The AMG Lithium refinery in
Bitterfeld, Germany, Europe’s first lithium hydroxide refinery, is
under construction, and commissioning for the first 20,000-ton
module of the battery-grade lithium hydroxide upgrader will
commence in the fourth quarter of 2023.
- AMG Lithium has signed a
non-binding memorandum of understanding with FREYR Battery, the
basis of which is for AMG Lithium to supply FREYR between 3,000 to
5,000 tons per annum of battery-grade lithium hydroxide.
- AMG Brazil, JX Nippon Mining &
Metals Corporation (“JXNMM”) and TANIOBIS GmbH announced a
strategic partnership in December 2022 for the production and
supply of tantalum concentrate from AMG’s Mibra Mine in Brazil.
JXNMM will invest in the expansion of tantalum concentrate
production that is occurring in combination with AMG’s already
announced expansion of spodumene capacity. All tantalum
pre-concentrate will be sold to TANIOBIS, providing long-term
stability in tantalum sales and corresponding by-product credits to
lithium production costs for AMG Brazil.
Vanadium
- AMG finalized the completion of the
new vanadium spent catalyst recycling facility in Zanesville, Ohio.
Operations began on October 29, 2022, and we are targeting full
production capacity in the second quarter of 2023.
- Shell & AMG Recycling B.V.
(“SARBV”) is advancing its projects in the Middle East, in
particular the first phase of the Supercenter project based on
long-term supply agreements with Saudi Arabian Oil Company
(“Aramco”). Plant design optimization, site selection and
permitting activities are progressing and the FEL3 partnering with
Hatch began in December 2022.
- AMG LIVA put its first industrial
battery – the Hybrid Energy Storage System (“HESS”) – into fully
automatic operation mode in AMG Graphite’s plant in Hauzenberg in
November 2022.
- AMG LIVA sold its first HESS to a
third party in December 2022 to Wipotec GmbH, a leading global
provider of intelligent weighing and inspection technology located
in Southern Germany. The battery will be integrated into the
facility’s power system.
- In January 2023, AMG approved
building a vanadium electrolyte plant at its subsidiary, AMG
Titanium, in Nuremberg, Germany. The target capacity is 6,000 m³
vanadium electrolyte. Basic engineering for the plant was completed
in November, CAPEX is expected to be $15 million, and production is
expected to start at the end of 2023.
Financial Highlights
- Revenue increased by 18% to $390
million in the fourth quarter of 2022 from $330 million in the
fourth quarter of 2021. On a full year basis, revenue increased by
36%.
- EBITDA was $104 million in the
fourth quarter of 2022, up 137% versus the fourth quarter 2021
EBITDA of $44 million. Full year EBITDA of $343 million is 151%
higher than the prior year.
- Annualized return on capital
employed was 30.8% for 2022, more than double the 11.9% for
2021.
- Cash flow from operations was $168
million for full year 2022, compared to $91 million in 2021, driven
by the high profitability of AMG Lithium in Brazil.
- Net income attributable to
shareholders for full year 2022 was $188 million, yielding $5.73
diluted earnings per share compared to $0.44 in 2021.
- AMG’s liquidity as of
December 31, 2022 was $532 million, with $346 million of
unrestricted cash and $186 million of revolving credit
availability.
- The total 2022 dividend proposed is
€0.70 per ordinary share, including the interim dividend of €0.30,
paid on August 10, 2022.
Key Figures
In 000’s US
dollars |
|
|
|
|
|
|
|
Q4 ‘22 |
Q4 ‘21 |
Change |
FY ‘22 |
FY ‘21 |
Change |
Revenue |
$390,004 |
$330,360 |
18% |
$1,642,774 |
$1,204,666 |
36% |
Gross profit |
119,981 |
61,797 |
94% |
409,486 |
208,243 |
97% |
Gross margin |
30.8% |
18.7% |
|
24.9% |
17.3% |
|
|
|
|
|
|
|
|
Operating profit |
82,319 |
22,295 |
269% |
307,059 |
57,141 |
437% |
Operating
margin |
21.1% |
6.7% |
|
18.7% |
4.7% |
|
|
|
|
|
|
|
|
Net incomeattributable
toshareholders |
60,697 |
5,705 |
964% |
187,589 |
13,771 |
1,262% |
|
|
|
|
|
|
|
EPS - Fully
diluted |
1.85 |
0.18 |
928% |
5.73 |
0.44 |
1,202% |
|
|
|
|
|
|
|
EBIT (1) |
91,719 |
32,678 |
181% |
297,251 |
92,991 |
220% |
EBITDA (2) |
104,061 |
43,885 |
137% |
342,550 |
136,676 |
151% |
EBITDA
margin |
26.7% |
13.3% |
|
20.9% |
11.3% |
|
|
|
|
|
|
|
|
Cash fromoperating activities |
56,969 |
30,225 |
88% |
167,567 |
90,788 |
85% |
Notes:
(1) EBIT is defined as earnings
before interest and income taxes. EBIT excludes restructuring,
asset impairment, inventory cost adjustments, environmental
provisions, exceptional legal expenses and other exceptional items,
equity-settled share-based payments, and strategic
expenses.(2) EBITDA is defined as EBIT adjusted
for depreciation and amortization.
Operational Review
AMG Clean Energy Materials
|
Q4 ‘22 |
Q4 ‘21 |
Change |
FY ‘22 |
FY ‘21 |
Change |
Revenue |
$176,065 |
$115,405 |
53% |
$667,804 |
$381,475 |
75% |
Gross profit |
81,583 |
27,950 |
192% |
267,862 |
75,095 |
257% |
Gross profit
beforenon-recurring items |
82,784 |
29,038 |
185% |
273,417 |
80,264 |
241% |
Operating
profit |
69,779 |
16,301 |
328% |
222,590 |
22,476 |
890% |
EBITDA |
80,347 |
25,753 |
212% |
259,480 |
66,622 |
289% |
AMG Clean Energy Materials’ revenue increased
53% compared to the fourth quarter of 2021, to $176 million, driven
mainly by higher prices in vanadium, tantalum and lithium
concentrates, as well as increased sales volumes of vanadium and
tantalum concentrate. The higher prices and volumes in 2022
propelled revenue for the segment 75% higher than in 2021.
Gross profit before non-recurring items for the
quarter increased 185% compared to the same period in the prior
year. The segment’s full year 2022 gross profit before
non-recurring items grew 241% compared to 2021, primarily due to
the increased price environment.
SG&A expenses in the fourth quarter of 2022
were in line with the same period in 2021 at $12 million. Full year
2022 SG&A expenses were 11% higher than in 2021, largely due to
increased professional fees associated with strategic projects
during 2022 offset by lower share-based compensation.
The fourth quarter 2022 EBITDA increased 212%,
to $80 million, from $26 million in the fourth quarter of 2021, due
to the improved gross profit as noted above. The segment’s full
year 2022 EBITDA of $259 million was 289% higher than the 2021
EBITDA, largely driven by the lithium business. Vanadium
profitability was impacted in the fourth quarter of 2022 by a
sequential drop in index prices of 16% from the third quarter and
the impact of start-up costs for Zanesville.
During the fourth quarter of 2022, a total of
21,329 dry metric tons (“dmt”) of spodumene was sold. The average
realized sales price was $3,682/dmt CIF China for the quarter. The
average cost per ton for the quarter was $228/dmt CIF China. This
exceptional cost per ton result was driven by high sales volumes of
tantalum concentrate in the quarter, and drove a quarterly EBITDA
figure for AMG Brazil of $73 million.
For the full year 2022, a total of 86,713 dmt of
spodumene was sold. The average realized sales price was $2,805/dmt
CIF China and the average cost per ton for the full year was
$461/dmt CIF China. Total EBITDA for AMG Brazil was $215
million.
AMG Critical Minerals
|
Q4 ‘22 |
Q4 ‘21 |
Change |
FY ‘22 |
FY ‘21 |
Change |
Revenue |
$69,242 |
$79,422 |
(13%) |
$364,502 |
$308,523 |
18% |
Gross profit |
19,017 |
11,189 |
70% |
46,721 |
48,735 |
(4%) |
Gross profit
beforenon-recurring items |
18,641 |
11,379 |
64% |
57,928 |
48,690 |
19% |
Operating
profit |
10,961 |
2,584 |
324% |
63,995 |
20,181 |
217% |
EBITDA |
14,001 |
6,459 |
117% |
38,280 |
31,200 |
23% |
AMG Critical Minerals’ revenue for the fourth
quarter of 2022 decreased by $10 million, or 13%, to $69 million,
mainly due to lower volumes across the segment. On a full year
basis, revenue increased by 18% compared to 2021.
Gross profit before non-recurring items of $19
million in the fourth quarter was 64% higher compared to the fourth
quarter of 2021. The segment’s full year 2022 gross profit before
non-recurring items was 19% higher than in 2021, largely driven by
the improved price environment and favorable energy contracts for
silicon production in the fourth quarter.
SG&A expenses in the fourth quarter of 2022
decreased by 20%, to $7 million, compared to the same period in
2021. This was largely driven by lower share-based compensation
expense in the current quarter associated with a reversal recorded
in the prior year. Full year 2022 SG&A expenses were slightly
lower than 2021 by $0.6 million.
The fourth quarter 2022 EBITDA increased 117%
compared to the same period in 2021, to $14 million, due to
improved gross profit as noted above and favorable energy contracts
at AMG Silicon in the quarter. Improved prices during 2022 led to a
23% increase in full year EBITDA for the segment compared to
2021.
Effective January 1, 2023, AMG placed its
silicon metal plant in Pocking, Germany, on care and maintenance.
The plant will restart and operate one furnace in March of 2023.
The operational parameters of the silicon business will continue to
be reviewed on an ongoing basis and will be adjusted as appropriate
in line with favorable and predictable market conditions. Due to
the noted interruptions in silicon operations, the financial impact
of the business will be excluded from EBITDA during this period of
abnormal operations. The financial impact of the care and
maintenance program does not significantly impact AMG’s overall
projected 2023 financial results.
AMG Critical Materials Technologies
|
Q4 ‘22 |
Q4 ‘21 |
Change |
FY ‘22 |
FY ‘21 |
Change |
Revenue |
$144,697 |
$135,533 |
7% |
$610,468 |
$514,668 |
19% |
Gross profit |
19,381 |
22,658 |
(14%) |
94,903 |
84,413 |
12% |
Gross profit
beforenon-recurring items |
20,745 |
22,388 |
(7%) |
96,449 |
84,309 |
14% |
Operating
profit |
1,579 |
3,410 |
(54%) |
20,474 |
14,484 |
41% |
EBITDA |
9,713 |
11,673 |
(17%) |
44,790 |
38,854 |
15% |
AMG Critical Materials Technologies' fourth
quarter 2022 revenue increased by $9 million, or 7%, compared to
the same period in 2021. This improvement was driven by higher
sales volumes of titanium aluminides and higher prices for chrome
metal. Full year 2022 revenue was 19% higher than the prior year
and gross profit before non-recurring items for 2022 of $96 million
was 14% higher than the $84 million in 2021, due largely to the
improved price environment versus the prior year associated with
the continued recovery of the aerospace market post pandemic.
During the first half of the year, market
disruptions associated with the Russian invasion of Ukraine
impacted the chrome metal supply chain, creating a dramatic
increase in the price of raw materials and limited availability. To
protect against operational interruptions, the Company secured
additional raw material volumes at market conditions at fixed
prices. In the fourth quarter, the disruptions to the supply chain
were alleviated and the prices fell dramatically. This resulted in
the company’s chrome margins being negatively impacted in the
fourth quarter and an inventory write-down of $1.6 million.
SG&A expenses decreased by 7% in the fourth
quarter of 2022 compared to the same period in 2021, due to lower
share-based expense in the current quarter associated with a
reversal in the prior year.
AMG Critical Materials Technologies’ EBITDA was
$10 million during the quarter compared to $12 million in the same
period of 2021. The decrease is due to the chrome market
dislocation noted above, offset by stronger profitability from our
Engineering business. Full year 2022 EBITDA for the segment of $45
million was 15% higher than 2021. This was primarily due to the
continued recovery in the aerospace sector in 2022.
AMG Engineering signed $67 million in new orders
during the fourth quarter of 2022, driven by strong orders of
turbine blade and induction furnaces, representing a 1.28x book to
bill ratio. In January 2023, the Company’s strong order intake
continued with $44 million in new orders, mainly due to turbine
blade coater sales. Order backlog was $220 million as of December
31, 2022, the highest since March 31, 2020.
Financial Review
Tax
AMG recorded an income tax expense of $84
million in 2022, compared to $9 million in 2021. This variance was
mainly driven by enhanced operating results in AMG Lithium at its
Brazil operation coupled with movements in the Brazilian real. The
effects of the Brazilian real caused a $7 million benefit in 2022,
compared to a $4 million tax benefit in 2021. Fluctuations in the
Brazilian real exchange rate impact the valuation of the Company’s
net deferred tax positions related to our operations in Brazil.
AMG paid taxes of $42 million in 2022, compared
to tax payments of $10 million in 2021. The higher cash payments in
2022 were largely a result of improved operating results.
Exceptional Items
AMG’s fourth quarter and full year 2022 gross
profit includes exceptional items, which are not included in the
calculation of EBITDA.
A summary of exceptional items included in gross
profit in 2022 and 2021 are below:
Exceptional items included in gross profit
|
Q4 ‘22 |
Q4 ‘21 |
Change |
FY ‘22 |
FY ‘21 |
Change |
Gross profit |
$119,981 |
$61,797 |
94% |
$409,486 |
$208,243 |
97% |
Inventory cost
adjustment |
1,589 |
— |
N/A |
1,589 |
1,164 |
37% |
Restructuring
expense (reversal) |
389 |
(140) |
N/A |
582 |
522 |
11% |
Asset impairment
(reversal) expense |
(990) |
153 |
N/A |
10,597 |
(711) |
N/A |
Strategic project
expense |
1,201 |
1,501 |
(20%) |
5,540 |
4,045 |
37% |
Others |
— |
(506) |
N/A |
— |
— |
N/A |
Gross profit excluding exceptional items |
122,170 |
62,805 |
95% |
427,794 |
213,263 |
101% |
Energy Costs
Total energy costs were $16 million higher in
2022 versus 2021 due to the increases in gas and electricity costs
during the year. The majority of this increase was at our silicon
business in Germany, but that business benefited from fully hedged
power costs. Other business units benefited from long-term
electricity contracts that have no price escalation clauses, and
the business units that did experience energy cost increases were
able to pass through most of these increased costs to their
customers.
SG&A
AMG’s fourth quarter 2022 SG&A expenses were
$37 million compared to $40 million in the fourth quarter of 2021,
with the decrease due to lower share-based compensation expense
associated with a reversal in the prior year.
Full year 2022 SG&A expenses were $148
million, 6% higher than in 2021, with the variance due to increased
professional fees associated with strategic projects during the
current period, offset by lower share-based compensation
expense.
Liquidity
|
December 31, 2022 |
December 31, 2021 |
Change |
Senior secured debt |
$348,622 |
$371,897 |
(6%) |
Cash & cash equivalents |
346,043 |
337,877 |
2% |
Senior secured net debt |
2,579 |
34,020 |
(92%) |
Other debt |
14,959 |
24,398 |
(39%) |
Net debt excluding municipal bond |
17,538 |
58,418 |
(70%) |
Municipal bond debt |
319,244 |
319,476 |
—% |
Restricted cash |
6,920 |
93,434 |
(93%) |
Net debt |
329,862 |
284,460 |
16% |
AMG ended the year in a $330 million net debt
position. This increase was mainly due to the significant
investment in growth initiatives during the year, particularly at
our Zanesville facility, which utilized the restricted cash
associated with the municipal bond. This use of restricted cash was
offset by $34 million of debt repayment and higher unrestricted
cash.
AMG continued to maintain a strong balance sheet
and adequate sources of liquidity during the fourth quarter. As of
December 31, 2022, the Company had $346 million in
unrestricted cash and cash equivalents and $186 million available
on its revolving credit facility. As such, AMG had $532 million of
total liquidity as of December 31, 2022.
Net Finance Costs
AMG’s fourth quarter 2022 net finance income was
$4 million compared to a cost of $13 million in the fourth quarter
of 2021. This variance was mainly driven by foreign exchange gains
of $10 million during the quarter primarily due to non-cash
intergroup balances.
AMG capitalized $1 million of interest costs in
the fourth quarter of 2022 versus $4 million in the same period in
2021, driven by interest associated with the Company’s tax-exempt
municipal bond supporting the vanadium expansion in Ohio. This
decrease is due to a portion of the municipal bond interest costs
which are no longer being capitalized due to the ramp-up of
production at our Zanesville facility.
Final Dividend Proposal
AMG intends to declare a dividend of €0.70 per
ordinary share over the financial year 2022. The interim dividend
of €0.30, paid on August 10, 2022, will be deducted from the amount
to be distributed to shareholders. The proposed final dividend per
ordinary share therefore amounts to €0.40.
A proposal to resolve upon the final dividend
distribution will be included on the agenda for the Annual General
Meeting to be held on May 4, 2023.Profit for the period to adjusted
EBITDA
reconciliation
|
Q4 ‘22 |
Q4 ‘21 |
FY ‘22 |
FY ‘21 |
Profit for the period |
$62,669 |
$4,139 |
$190,771 |
$13,779 |
Income tax
expense |
23,827 |
5,293 |
84,097 |
8,707 |
Net finance
(income) cost |
(4,177) |
12,644 |
30,941 |
33,602 |
Equity-settled
share-based payment transactions |
1,414 |
6,883 |
5,552 |
10,206 |
Restructuring
expense (reversal) |
389 |
(140) |
582 |
522 |
Net contract
settlements (1) |
971 |
— |
(45,436) |
— |
Inventory cost
adjustment |
1,589 |
— |
1,589 |
1,164 |
Asset impairment
(reversal) expense (1) |
(990) |
153 |
10,597 |
(711) |
Environmental
provision |
143 |
230 |
133 |
11,941 |
Strategic project
expense (2) |
5,885 |
3,769 |
17,070 |
12,157 |
Share of loss of
associates |
— |
219 |
1,250 |
1,053 |
Others |
(1) |
(512) |
105 |
571 |
EBIT |
91,719 |
32,678 |
297,251 |
92,991 |
Depreciation and amortization |
12,342 |
11,207 |
45,299 |
43,685 |
EBITDA |
104,061 |
43,885 |
342,550 |
136,676 |
Notes:(1) Associated with the
silicon metal shutdown, AMG recorded income from the sale of an
existing supply contract which positively impacted operating profit
for the year. This income was offset by a settlement with a major
customer and an impairment of existing
assets.(2) The Company is in the initial
development and ramp-up phases for several strategic expansion
projects, including AMG Vanadium’s expansion project, the joint
venture with Shell, Hybrid Lithium Vanadium Redox Flow Battery
System, and the lithium expansion in Germany, which incurred
project expenses during the quarter but are not yet operational.
AMG is adjusting EBITDA for these exceptional charges.
AMG Advanced
Metallurgical Group N.V. |
|
|
Consolidated
Income Statement |
|
|
For the
quarter ended December 31 |
|
|
In thousands of
US dollars |
2022 |
2021 |
|
Unaudited |
Unaudited |
Continuing operations |
|
|
Revenue |
390,004 |
330,360 |
Cost of
sales |
(270,023) |
(268,563) |
Gross
profit |
119,981 |
61,797 |
|
|
|
Selling,
general and administrative expenses |
(36,579) |
(39,501) |
|
|
|
Environmental
expense |
(143) |
(230) |
Other
expenses |
(940) |
— |
Other income |
— |
229 |
Net other
operating expense |
(1,083) |
(1) |
|
|
|
Operating
profit |
82,319 |
22,295 |
|
|
|
Finance
income |
5,459 |
1,107 |
Finance cost |
(1,282) |
(13,751) |
Net
finance income (cost) |
4,177 |
(12,644) |
|
|
|
Share of
loss of associates and joint ventures |
— |
(219) |
|
|
|
Profit
before income tax |
86,496 |
9,432 |
|
|
|
Income
tax expense |
(23,827) |
(5,293) |
|
|
|
Profit
for the period |
62,669 |
4,139 |
|
|
|
Profit
attributable to: |
|
|
Shareholders of
the Company |
60,697 |
5,705 |
Non-controlling
interests |
1,972 |
(1,566) |
Profit
for the period |
62,669 |
4,139 |
|
|
|
Earnings
per share |
|
|
Basic earnings
per share |
1.90 |
0.18 |
Diluted earnings
per share |
1.85 |
0.18 |
AMG Advanced
Metallurgical Group N.V. |
|
|
Consolidated
Income Statement |
|
|
For the
year ended December 31 |
|
|
In thousands of
US dollars |
2022 |
2021 |
|
Unaudited |
|
Continuing operations |
|
|
Revenue |
1,642,774 |
1,204,666 |
Cost of
sales |
(1,233,288) |
(996,423) |
Gross
profit |
409,486 |
208,243 |
|
|
|
Selling,
general and administrative expenses |
(147,963) |
(139,576) |
|
|
|
Environmental
expense |
(133) |
(11,941) |
Other
expenses |
(14,411) |
— |
Other income |
60,080 |
415 |
Net other
operating income (expense) |
45,536 |
(11,526) |
|
|
|
Operating
profit |
307,059 |
57,141 |
|
|
|
Finance
income |
9,061 |
1,938 |
Finance cost |
(40,002) |
(35,540) |
Net
finance cost |
(30,941) |
(33,602) |
|
|
|
Share of
loss of associates and joint ventures |
(1,250) |
(1,053) |
|
|
|
Profit
before income tax |
274,868 |
22,486 |
|
|
|
Income
tax expense |
(84,097) |
(8,707) |
|
|
|
Profit
for the period |
190,771 |
13,779 |
|
|
|
Profit
attributable to: |
|
|
Shareholders of
the Company |
187,589 |
13,771 |
Non-controlling
interests |
3,182 |
8 |
Profit
for the period |
190,771 |
13,779 |
|
|
|
Earnings
per share |
|
|
Basic earnings
per share |
5.87 |
0.44 |
Diluted earnings
per share |
5.73 |
0.44 |
AMG Advanced
Metallurgical Group N.V. |
|
|
Consolidated Statement of Financial Position |
|
|
|
|
In thousands of
US dollars |
December 31, 2022 Unaudited |
December 31, 2021 |
Assets |
|
|
Property, plant and equipment |
797,611 |
693,624 |
Goodwill and other intangible assets |
41,404 |
44,684 |
Derivative financial instruments |
33,042 |
95 |
Other investments |
29,324 |
29,830 |
Deferred tax assets |
37,181 |
52,937 |
Restricted cash |
5,875 |
85,023 |
Other assets |
8,612 |
8,471 |
Total
non-current assets |
953,049 |
914,664 |
Inventories |
277,311 |
218,320 |
Derivative financial instruments |
3,516 |
4,056 |
Trade and other receivables |
162,548 |
145,435 |
Other assets |
121,834 |
65,066 |
Current tax assets |
7,289 |
5,888 |
Restricted cash |
1,045 |
8,411 |
Cash and cash equivalents |
346,043 |
337,877 |
Total
current assets |
919,586 |
785,053 |
Total
assets |
1,872,635 |
1,699,717 |
AMG Advanced
Metallurgical Group N.V. |
|
|
Consolidated Statement of Financial Position |
|
(continued) |
|
|
|
|
|
In thousands of
US dollars |
December 31, 2022 Unaudited |
December 31, 2021 |
Equity |
|
|
Issued capital |
853 |
853 |
Share premium |
553,715 |
553,715 |
Treasury shares |
(14,685) |
(16,596) |
Other reserves |
(44,869) |
(96,421) |
Retained earnings (deficit) |
(4,461) |
(173,117) |
Equity
attributable to shareholders of the Company |
490,553 |
268,434 |
|
|
|
Non-controlling
interests |
27,296 |
25,718 |
Total
equity |
517,849 |
294,152 |
|
|
|
Liabilities |
|
|
Loans and borrowings |
661,270 |
675,384 |
Lease liabilities |
44,224 |
45,692 |
Employee benefits |
117,160 |
162,628 |
Provisions |
12,361 |
14,298 |
Deferred revenue |
20,000 |
22,341 |
Other liabilities |
15,009 |
11,098 |
Derivative financial instruments |
284 |
2,064 |
Deferred tax liabilities |
27,269 |
5,617 |
Total
non-current liabilities |
897,577 |
939,122 |
Loans and borrowings |
15,164 |
27,341 |
Lease liabilities |
4,710 |
4,857 |
Short-term bank debt |
6,391 |
13,046 |
Deferred revenue |
28,277 |
18,478 |
Other liabilities |
69,917 |
80,672 |
Trade and other payables |
240,101 |
252,765 |
Derivative financial instruments |
7,746 |
6,010 |
Advance payments from customers |
51,054 |
35,091 |
Current tax liability |
23,548 |
10,586 |
Provisions |
10,301 |
17,597 |
Total
current liabilities |
457,209 |
466,443 |
Total
liabilities |
1,354,786 |
1,405,565 |
Total
equity and liabilities |
1,872,635 |
1,699,717 |
AMG Advanced
Metallurgical Group N.V. |
|
|
Consolidated
Statement of Cash Flows |
|
|
For the
year ended December 31 |
|
|
In thousands of
US dollars |
2022 |
2021 |
|
Unaudited |
|
Cash from
operating activities |
|
|
Profit for the
period |
190,771 |
13,779 |
Adjustments to
reconcile net profit to net cash flows: |
|
|
Non-cash: |
|
|
Income tax expense |
84,097 |
8,707 |
Depreciation and amortization |
45,299 |
43,685 |
Asset impairment expense (reversal) |
10,597 |
(711) |
Net finance cost |
30,941 |
33,602 |
Share of loss of associates and joint ventures |
1,250 |
1,053 |
Gain on sale or disposal of property, plant and equipment |
(592) |
(65) |
Equity-settled share-based payment transactions |
5,552 |
10,028 |
Movement in provisions, pensions, and government grants |
(11,982) |
(10,184) |
Working capital and deferred revenue adjustments1 |
(123,281) |
22,747 |
Cash
generated from operating activities |
232,652 |
122,641 |
Finance costs
paid, net |
(23,289) |
(21,950) |
Income tax
paid |
(41,796) |
(9,903) |
Net cash
from operating activities |
167,567 |
90,788 |
|
|
|
Cash used
in investing activities |
|
|
Proceeds from
sale of property, plant and equipment |
2,538 |
1,029 |
Acquisition of
property, plant and equipment and intangibles |
(174,516) |
(162,240) |
Acquisitions of
subsidiaries |
— |
(458) |
Investments in
associates and joint ventures |
(1,250) |
(1,000) |
Use of restricted
cash |
86,514 |
115,485 |
Interest received
on restricted cash |
250 |
39 |
Capitalized
borrowing cost paid |
(16,652) |
(15,838) |
Other |
12 |
30 |
Net cash
used in investing activities |
(103,104) |
(62,953) |
(1) Includes outstanding receivables related to
silicon energy credits.
AMG Advanced
Metallurgical Group N.V. |
|
|
Consolidated
Statement of Cash Flows |
|
|
(continued) |
|
|
For the
year ended December 31 |
|
|
In thousands of
US dollars |
2022 |
2021 |
|
Unaudited |
|
Cash
(used in) from financing activities |
|
|
Proceeds from
issuance of debt |
82 |
352,152 |
Payment of
transaction costs related to debt |
— |
(7,630) |
Repayment of
borrowings |
(33,863) |
(342,781) |
Proceeds from
issuance of common shares |
— |
123,627 |
Net repurchase of
common shares |
(1,523) |
(2,058) |
Dividends
paid |
(19,885) |
(7,598) |
Payment of lease
liabilities |
(5,101) |
(5,313) |
Advanced
contributions |
11,000 |
— |
Contributions by
non-controlling interests |
— |
667 |
Net cash
(used in) from financing activities |
(49,290) |
111,066 |
|
|
|
Net
increase in cash and cash equivalents |
15,173 |
138,901 |
|
|
|
Cash and cash
equivalents at January 1 |
337,877 |
207,366 |
Effect of
exchange rate fluctuations on cash held |
(7,007) |
(8,390) |
Cash and
cash equivalents at December 31 |
346,043 |
337,877 |
This press release contains inside information within the
meaning of Article 7(1) of the EU Market Abuse Regulation.
This press release contains regulated
information as defined in the Dutch Financial Markets Supervision
Act (Wet op het financieel toezicht).
About AMG
AMG is a global critical materials company at
the forefront of CO2 reduction trends. AMG produces highly
engineered specialty metals and mineral products and provides
related vacuum furnace systems and services to the transportation,
infrastructure, energy, and specialty metals & chemicals end
markets.
AMG Clean Energy Materials segment combines
AMG’s recycling and mining operations, producing materials for
infrastructure and energy storage solutions while reducing the CO2
footprint of both suppliers and customers. AMG Clean Energy
Materials segment spans the vanadium, lithium, and tantalum value
chains. AMG Critical Materials Technologies segment combines AMG’s
leading vacuum furnace technology line with high-purity materials
serving global leaders in the aerospace sector. AMG Critical
Minerals segment consists of AMG’s mineral processing operations in
antimony, graphite, and silicon metal.
With approximately 3,400 employees, AMG operates
globally with production facilities in Germany, the United Kingdom,
France, the United States, China, Mexico, Brazil, India, Sri Lanka,
and Mozambique, and has sales and customer service offices in Japan
(www.amg-nv.com).
For further information, please
contact:AMG Advanced Metallurgical Group
N.V. +1
610 975 4979Michele
Fischermfischer@amg-nv.com
Disclaimer
Certain statements in this press release are not
historical facts and are “forward looking.” Forward looking
statements include statements concerning AMG’s plans, expectations,
projections, objectives, targets, goals, strategies, future events,
future revenues or performance, capital expenditures, financing
needs, plans and intentions relating to acquisitions, AMG’s
competitive strengths and weaknesses, plans or goals relating to
forecasted production, reserves, financial position and future
operations and development, AMG’s business strategy and the trends
AMG anticipates in the industries and the political and legal
environment in which it operates and other information that is not
historical information. When used in this press release, the words
“expects,” “believes,” “anticipates,” “plans,” “may,” “will,”
“should,” and similar expressions, and the negatives thereof, are
intended to identify forward looking statements. By their very
nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that the
predictions, forecasts, projections and other forward-looking
statements will not be achieved. These forward-looking statements
speak only as of the date of this press release. AMG expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statement contained
herein to reflect any change in AMG's expectations with regard
thereto or any change in events, conditions, or circumstances on
which any forward-looking statement is based.
- Fourth Quarter & Full Year 2022 Earnings Release
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